Fiscal Close

Fiscal Close is a process you run to close out one fiscal year and begin another. Fiscal Close is usually done on July 1st or within a few days, possibly weeks, after.

There is always some amount of preparation to be done before performing your fiscal close. This can begin even a few months in advance, continuing right up until fiscal close. See the Fiscal Close Checklist for a list of cleanup tasks.

Fund Propagation and Rollover

When you propagate a fund you are essentially making a copy of that fund for the new fiscal year. When you rollover a fund, you are telling the system to move the remaining unspent money and/or remaining encumbrances to the new fund. If you don’t rollover funds you are leaving any unspent money and encumbrances behind in the fund for the previous fiscal year. Each fund can be individually set for propagation and rollover, allowing you to pick and choose which funds, and what money, you carry over into the new fiscal year. Configuration is done in the individual fund.

• Propagate: If set to true in the fund, a new fund will be created for the new fiscal year based on the old fund. This does not bring over any money, just the fund itself.
• Rollover (If this is set to True, Propagate must also be set to True): If set to true in the fund, any encumbrances (including those associated with cancelled items that keep debits, such as backordered items), and any money remaining in the fund (unless you limit the close-out operation to encumbrances), will be brought forward into the new fiscal year. For any items that are in an “on-order” state, the fund will automatically be updated to the fund for the new fiscal year. Pending POs are currently not affected and will continue to be associated with the fund for the old fiscal year. The funds will need to be updated manually for any pending POs that you want to activate after fiscal close.
• To edit your propagate and rollover settings:
  1. Go to the Acquisitions menu and select Fund Administration. Note: Fund Administration can also be reached by going to Administration => Acquisitions Administration and clicking on Fund Administration.
  2. Double click on the fund row, or right click on the fund row and choose Edit Selected.
  3. Check or uncheck the Propagate and Rollover check boxes as needed.
  4. Click Save.

Fiscal Close Procedure

1. Go to the Acquisitions menu and select Fund Administration. Note: Fund Administration can also be reached by going to Administration => Acquisitions Administration and clicking on Fund Administration.
2. Select the Library you want to perform fiscal close for. The Library (also known as the Context Org Unit) will be carried over to the Fund Propagation and Rollover form where you will select your options for your fiscal close.
   • If you are a single branch library and your funds are owned at the branch level, select your branch.
   • If you have multiple branches select your system. Checking off Descendants is optional here.
3. Click on the Fiscal Propagation and Rollover button.
4. The Fund Propagation and Rollover box appears.

5. If not already selected, select the Year you want to perform fiscal close on. This would be the fiscal year that just ended.
6. The Context Org Unit, or Library, is carried over from the Funds screen.
7. Include Funds for Descendant Org Units checkbox
   • Check this off if your funds are owned at different levels or at different branches, and the Context Org Unit you have chosen is the system level. ex. system level of BEVERLY, and your funds are owned by your branches, BEV and BEF, or are owned at multiple levels, for example BEVERLY and BEV.
   • You do NOT need to check this off if your funds are owned by a single org unit, MAR for example, and and you have selected that as your Context Org Unit.
8. Preform a Dry Run (It is always a good idea to do a dry run before you do the real thing.)
   • Select the options you will use for your actual fiscal close and leave the Dry Run box checked.
     • Check off Perform Fiscal Year Close-Out
     • Check of Limit Fiscal Year Close-Out to Encumbrances if you want to only carry over encumbrances and NOT any unspent money in your funds.
   • NOTE: Clicking on the ? displays a tool tip about the checkbox.

9. Click Process. A progress bar will display.
10. Evergreen will temporarily create the new funds and give details about what changes would be made.

11. After you have done the Dry Run and you are satisfied with the totals it gives you, un-check the Dry Run box. A message will appear notifying you that a Close-Out will be done for real.

12. Click Process to perform the actual fiscal close.
13. A progress bar will appear and the report numbers will reset to zero.

14. The new report will appear at the bottom of the Fund Propagation and Rollover box.

15. Close the Fund Propagation and Rollover box by clicking the Close button or the x in the upper right hand corner of the box.
16. You will see that the funds displaying are from your previous fiscal year. Change the filter to the new fiscal year to see the new funds. NOTE: This is NOT a sticky setting. The year will need to be change to the current fiscal whenever you view your funds until the calendar year changes (January 1st).